Business
Unaudited Interim Results 6 mts ended 28 Feb 19
Unaudited Interim Results 6 mts ended 28 Feb 19.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 6519X Connect Group PLC 01 May 2019 \n\nConnect Group PLC\n(\"Connect Group\" or \"the Group\")\n \nUnaudited Interim Results for the six months ended 28 February 2019\n \nImproved operational execution, in a challenging first half. \n \nConnect Group, a leading specialist distributor, is today announcing its Interim Results for the six months ended 28 February 2019.\n \n\n\n\n\nContinuing Adjusted results(1)\n\n\nSix months to\n28 Feb 2019\n\n\nSix months\n to\n28 Feb 2018\n\n\nChange\n\n\n\n\nRevenue\n\n\n£732.5m\n\n\n£766.5m\n\n\n-4.4%\n\n\n\n\nEBITDA\n\n\n£18.0m\n\n\n£24.2m\n\n\n-25.6%\n\n\n\n\nOperating profit\n\n\n£13.0m\n\n\n£18.0m\n\n\n-27.8%\n\n\n\n\nProfit before tax\n\n\n£9.9m\n\n\n£15.1m\n\n\n-34.4%\n\n\n\n\nBasic earnings per share\n\n\n3.2p\n\n\n5.0p\n\n\n-36.0%\n\n\n\n\nStatutory continuing results\n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n£732.5m\n\n\n£766.5m\n\n\n-4.4%\n\n\n\n\nOperating profit\n\n\n£6.4m\n\n\n£12.4m\n\n\n-48.3%\n\n\n\n\nProfit before tax\n\n\n£3.3m\n\n\n£9.5m\n\n\n-65.3%\n\n\n\n\nBasic earnings per share\n\n\n1.1p\n\n\n3.1p\n\n\n-64.5%\n\n\n\n\nInterim dividend per share\n\n\nNil p\n\n\n3.1p\n\n\nN/A\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nFree cash flow (including Adjusted items)(2)\n\n\n£5.8m\n\n\n£10.0m\n\n\n-42.0%\n\n\n\n\nNet debt(5)\n\n\n£77.5m\n\n\n£83.6m\n\n\n-7.3%\n\n\n\n\n \nHeadlines:\n \n· Overall performance in line with expectations as we address the legacy challenges \n· Strategy on track, driving business unit accountability and central efficiencies\n· Smiths News demonstrating a good recovery, with a return to strong cost control and excellent progress with 65% of contracts renewed by total revenue\n· Tuffnells impacted by revenue and cost challenges that flowed through from second half of FY 2018\n· DMD returning a solid performance in the period but loss of key contract will impact FY 2020\n· Net Debt of £77.5m, down £6.1m year on year, a net debt: Adjusted EBITDA ratio of 1.95x\n \nJos Opdeweegh, Chief Executive Officer, commented:\n \n'Today's results confirm the progress we have made, with a ...